Flight Calibration Services Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05524571 (England and Wales)

Financial Statements for the Year Ended 30 November 2025

for

Flight Calibration Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Hampton

M Smith

SECRETARY:

C Hampton

REGISTERED OFFICE:

Calibration House

17-19 Cecil Pashley Way

Shoreham Airport

Shoreham-by-Sea

West Sussex

BN43 5FF

REGISTERED NUMBER:

05524571 (England and Wales)

AUDITORS:

OPPENHEIMS Chartered Accountants

Statutory Auditors

1a Waltham Court

Milley Lane

Reading

Berkshire

RG10 9AA

FIXED ASSETS

Tangible assets

4

6,253,048

5,698,149

Investments

5

1

6,253,049

5,698,150

CURRENT ASSETS

Stocks

263,196

217,007

Debtors

6

1,233,496

1,658,483

Prepayments and accrued income

517,127

365,187

Cash at bank

229,003

216,100

2,242,822

2,456,777

CREDITORS

Amounts falling due within one year

7

3,253,402

3,138,108

NET CURRENT LIABILITIES

(1,010,580

)

(681,331

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,242,469

5,016,819

CREDITORS

Amounts falling due after more than one
year

8

(2,411,185

)

(2,408,694

)

PROVISIONS FOR LIABILITIES

10

(941,462

)

(941,462

)

NET ASSETS

1,889,822

1,666,663

CAPITAL AND RESERVES

Called up share capital

11

1

Revaluation reserve

12

2,824,386

Retained earnings

12

(934,565

)

(1,157,724

)

SHAREHOLDERS' FUNDS

1,889,822

1,666,663

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2026 and were signed on its behalf by:

C Hampton - Director

1.	STATUTORY INFORMATION

Flight Calibration Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared according to the going concern basis on the grounds that the Company will be able to pay its debts as they become due for a period of not less than 12 months from the issuing of these financial statements.

These financial statements are presented in GBP rounded to no pence.

Preparation of consolidated financial statements

The financial statements contain information about Flight Calibration Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Albatross Topco Limited, Calibration House, 17-19 Cecil Pashley Way, Shoreham Airport, BN43 5FF.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue is recognised when the service provision is completed, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the Company and the costs incurred providing the service can be measured reliably.

Tangible fixed assets - changes in accounting policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 25% on reducing balance

Following the revaluation of the Company's fleet of aircraft by a third party ISTAT accredited valuer during the previous year, the Directors continue to adopt a revaluation model for the airframes. The Directors believe that using the revaluation model provides more reliable and relevant information for the reader of the financial statements, it shows more accurately the true carrying value of the airframes.

Depreciation will no longer be provided against the airframes on the basis of an annual charge of 10% on cost. Instead, any subsequent change in value will be charged to the Profit & Loss account.

Aircraft engines and technical equipment continue to be depreciated as before.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and includes irrecoverable foreign tax deducted at source.

Deferred tax

Apart from a specific provision for deferred tax on revalued fixed assets, deferred tax is only recognised in respect of timing differences that have originated but not reversed at the balance sheet date if they are likely to reverse within the foreseeable future.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2024 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 December 2024

6,683,764

Additions

790,048

At 30 November 2025

7,473,812

DEPRECIATION

At 1 December 2024

985,615

Charge for year

235,149

At 30 November 2025

1,220,764

NET BOOK VALUE

At 30 November 2025

6,253,048

At 30 November 2024

5,698,149

In the previous accounting period, the Company' changed its accounting policy for depreciating airframes to adopt the revaluation model. During 2024, the Company commissioned a third party ISTAT accredited valuer to carry out a valuation of its fleet of aircraft. The methodology adopted was a blend of market research and intelligence and judgement based on the experience of the appraiser.

The valuation was materially different to the previously stated depreciated carrying value and was greater than the original cost of the assets. On that basis, the Directors believe that using the revaluation model provides more reliable and relevant information for the reader of the financial statements, it shows more accurately the true carrying value of the airframes. The revaluation was applied within in the year ended 30th November, 2024.

Only the value of the air frames were revalued; engines and technical equipment continue to be depreciated in line with the historical accounting policy.

For the year ended 30th November 2025 the airframes are stated at the Directors' valuation. The airframes will next be professionally revalued in the year to 30th November 2027.

Within fixed assets are aircraft which are subject to an HP agreement and a fixed and floating charge.

Within fixed assets are aircraft which are subject to an HP agreement and a fixed and floating charge in favour of the lender.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 December 2024

and 30 November 2025

1

NET BOOK VALUE

At 30 November 2025

1

At 30 November 2024

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

Trade debtors

1,068,539

1,402,776

Other debtors

164,957

255,707

1,233,496

1,658,483

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

Bank loans and overdrafts

672,792

512,051

Hire purchase contracts

214,332

Trade creditors

1,132,299

1,128,348

Taxation and social security

674,740

527,565

Other creditors

559,239

755,812

3,253,402

3,138,108

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

30.11.25

30.11.24

£

Bank loans

219,528

352,339

Hire purchase contracts

1,417,099

1,633,675

Amounts owed to group undertakings

447,163

422,680

Other creditors

327,395

-

2,411,185

2,408,694

Included within Other Creditors falling due within one year and after more than one year are loans totalling £513,419 which were transferred from Albatross Midco Limited (a group company) as part of a restructuring agreement with the lenders.

The loans bear interest at commercial rates and are secured by a charge on two of the Company's aircraft.

9.	FINANCIAL INSTRUMENTS

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors

Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured at fair value, net of transaction costs less any impairment.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, less any impairment

HP finance on aircraft and equipment is repayable over 10 years.

In 2022 the company took a Covid Recovery loan repayable over six years.

All these are subject to interest at variable rates over Bank of England base rate.

As at 30th November 2025 the Company had outstanding import guarantees and standby credits of £349,602 (2024 - £409,596). Against these, the bank held deposits of £229,360 (2024 - £240,877).

10.	PROVISIONS FOR LIABILITIES

30.11.25

30.11.24

£

Deferred tax

Revaluation of fixed assets

941,462

Deferred

tax

£

Balance at 1 December 2024

941,462

Balance at 30 November 2025

941,462

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.25

30.11.24

value:

£

9,100

Ordinary

0.000

1

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

At 1 December 2024

(1,157,724

)

2,824,386

1,666,662

Profit for the year

223,159

At 30 November 2025

(934,565

)

2,824,386

1,889,821

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

N S Oppenheim (Senior Statutory Auditor)

for and on behalf of OPPENHEIMS Chartered Accountants

14.	OTHER FINANCIAL COMMITMENTS

The company has an annual rental commitment of £115,000 on its premises at Shoreham Airport. The lease

ends in 2028.

15.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16.	ULTIMATE CONTROLLING PARTY

The controlling party is Albatross Bidco Limited.

The ultimate controlling party is Literacy Capital plc.